Business owners need to take urgent action to save their business

Business owners need to take urgent action to save their business

The next few months are going to be tough for the hospitality sector. Coronavirus has caused a massive drop in international bookings, with “social distancing” that’s about to drop to zero – or close to.

Business owners need to take urgent action to save their business;

Analyse everything your business will spend in the next 6 months (plan for the worst case scenario)
Negotiate now – ask for time to pay rent, VAT, PAYE, mortgage – everyone! Don’t wait for the money to run out. That’s too late.
Calculate your “cash-burn” for the period and what savings you have.
Arrange funding for the shortfall now – even if you have to pay higher than normal rates, that’s better than losing your business, and maybe your home.
We work with a full range of business lenders, that covers business loans, merchant cash advances and commercial mortgages. Our finance specialists will work with you to provide the funding you need with the best possible terms.

Our normal guarantees apply – so if we’re unable to arrange funding for you, we won’t charge you a penny.

While it’s safe and legal to do so – staying open might help local communities come together – if there’s space to do so. Look at other means to support the local community such as delivering meals to the elderly or chronically ill who have been advised to self-isolate or anyone else self-isolating due to symptoms or contact. It might not be a money-maker but if you can cover a few bills while supporting the local community they will remember your support after the crisis is over.

Consider opening a community shop outside your venue, if your supplies are getting through why not share this with your customers?